Israeli financial literacy made simple
Our 2024 LFSII Conference wrap-up
I’m proud to say that the second-annual Living Financial Smarter in Israel conference was a huge success, thanks in large part to our sponsor Bank Mizrahi and our partner, Nefesh B’Nefesh.
Our compelling speakers, some new and some returning from last year, covered the most important topics for today’s financial reality. Our experts gave attendees an inside look into the war’s impact on the Israeli economy, investment tips for Americans in Israel, planning for retirement and beyond, and more.
I’m proud to say that the second-annual Living Financial Smarter in Israel conference was a huge success, thanks in large part to our sponsor Bank Mizrahi and our partner, Nefesh B’Nefesh.
Our compelling speakers, some new and some returning from last year, covered the most important topics for today’s financial reality. Our experts gave attendees an inside look into the war’s impact on the Israeli economy, investment tips for Americans in Israel, planning for retirement and beyond, and more.
My favorite part of LFSII 2024 was our audience. They were engaged, eager to learn, and shared their experiences with each other, which is a huge part of LFSII’s success.
This eye-opening session led by Marc Reiss, the Head of Foreign Resident and New Immigrant banking at Bank Mizrahi, offered critical insights into how the ongoing war has impacted the Israeli economy. Marc shared some surprising data, including that the shekel has actually become stronger and that Israel’s GDP is continuing to increase, despite the war. Marc also broke down how the war has affected investment in the country, employment rates, and Israelis’ spending habits, including credit card usage. While some of the information Marc provided was sobering, it gave our audience an important look into what they can expect during the wartime economy and how to make the right decisions for the current moment.
I really loved giving this talk because it embodies exactly what LFSII is all about - practical, helpful financial knowledge that you can immediately apply to your everyday life. In this discussion, I delved into some of the most common pitfalls that come with creating a budget, which often lead to that budget being abandoned. I explained how to create a budget you can actually abide by, which gives you a solid framework for strong financial management, but includes enough flexibility for unexpected expenses and the occasional treat. The secret? Breaking down and tracking literally all of your expenses - even those that are yearly - and meticulously noting every single thing you need to spend on.
PFIC, US Investments and Tax for Americans in Israel
Expertly led by BatSheva Goldstein, CFO of Profile Investment Services Ltd. and Yaakov Jacob, a CPA at Phillip Stein and Associates, this talk discussed investment options for U.S. nationals. This session focused on how Americans in Israel can (and can't) invest, specifically when it comes to PFICs (passive foreign investment companies.) BatSheva and Yaakov provided crucial insights into the tax ramifications of PFICs and why they are more trouble than they’re worth for most Americans, in addition to providing alternative options for U.S. nationals looking to grow their portfolios while avoiding prohibitive fees from the IRS.
Financial planning by life stage: Guidance for every age
This comprehensive talk covered everything you need to know in order to plan smarter for the future, including long-term care insurance, pensions, power of attorney, estate planning, and more. The session focused on advice and guidance specifically tailored for each phase of life and its accompanying expenses. Led by gerontologist and elder law attorney Mirit Hoffman, licensed Investment, Insurance, and Pensions Broker Gadi Last, and Danny Newman, Branch Manager at Goldfus Insurance & Investments, our experts detailed precisely how to build a financial plan to protect yourself and your family for numerous scenarios in every stage of life.
Foreign inheritances: A guide for Olim
Israeli and international tax expert Binyamin Radomsky led this important session, which delved into the complex world of international inheritances. Considering that most Olim have family members who live outside of Israel, aligning your obligations in Israel with local law in the country where the inheritance is located can be complicated and confusing. Binyamin explained inheritance laws for Israeli citizens, strategies to avoid paying double taxes, and other critical tips into setting up estates in the best way possible for heirs located in Israel.
Beyond what I’ve highlighted here, our audience raved about how helpful the sessions were, as well as how motivated they felt to apply what they learned into their own lives. All of our speakers were a pleasure to hear, and even after decades of working in finance, I was surprised by how much I learned!
But most importantly, LFSII 2024 was a space in which our audience found much-needed support.
During these unprecedented times for Israel, connecting with others is more critical than ever. At LFSII 2024, our attendees bonded over the shared challenges of our current moment, shared their experiences, and enjoyed the warm, inclusive conversations that are essential to our group.
I’m very grateful for their partnership on this event.
Warmly,
- Rifka
- Rifka